How Strong Project Management Propels Clinical Development Success

By Cortney Miller, Ph.D., PMP And Dana MacDonald, PMP

Based on the research and development of 68 drugs introduced by 11 pharmaceutical companies, the American Journal of Health Economics (AJHE) estimated that the cost of bringing a new drug to the market was approximately $802 million. However, new estimates indicate these costs have surged to an astonishing $2.3 billion. Simultaneously, there has been a decline in venture capital funding for pharmaceutical and medical device companies, coupled with diminishing returns on investment.

In a separate report, the Journal of the American Medical Association (JAMA) found that only one out of every five trials is completed on schedule. Given the escalating costs and diminishing investments, it has become increasingly imperative for companies to allocate their resources strategically and plan effectively, particularly from the early stages, to ensure the success of their programs.

In this article, the authors explore how robust project management throughout the entire drug development lifecycle can yield significant time and cost savings.